The Benefits of Credit Unions

11:14 AM

*This post is sponsored by Make Your Money Matter, in association with PSCU, though all views expressed are my own.*

One of the biggest concerns we students have while in college is where our money is going. Of course we all know that having a savings and checking account is a great way to manage your money, but not all of us know that who we invest our money is also a big decision that makes a difference. I've been working with 20 Something Bloggers and the Make Your Money Matter campaign to help promote the benefits of credit unions. Last time I talked about the awesome stores on Mulberry Street to check out, this post is specifically on credit unions.
Before this project, I only knew a small bit about credit unions. I had already had a former supervisor tell me that credit unions would be a great investment for me since it's more community orientated, but this project has helped me learn more about the different benefits of credit unions and what separates them from banks.For starters, credit unions offer the same services as banks such as loans, mortgages, checking and saving accounts, and atms. The major difference is that credit unions aren't owned by corporations, but the members. That means when there is a profit, all the benefits are given back to the members in the form of lower interest rates, dividends, and rebates. So it's like your getting paid to be apart of the credit union.
Not only that, but the credit unions offer lower interest rates on loans and higher interest returns on investments.In the past year alone Credit unions have put $630 million within local communities for building infrastructure to support new commercial, residential, industrial and farm-related developments.

 One of my main concerns was always whether or not my money would actually be safe in a credit union in case of another economic downfall, or other unknown event. Thankfully, credit unions have you covered. Every account at a credit union is insured for up $250,000 by the NCUA.After learning all of this, I can see why people are breaking up with their banks! I haven't made the switch yet, but the benefits are enough to  make anyone sway. If you want to learn more about credit unions or join the movement, go to Make Your Money Matter's official website to learn more about the benefits of credit unions.

What do you think about credit unions so far? Are you a member? Are you thinking about breaking up with your bank? 

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12 comments

  1. I was a member a few years ago when my Aunt opened up the Navy Federal Credit union for me. I closed that account because there were none near me and I was tired of paying fees at other banks to take cash out. I love credit unions they are so much better than regular banks now I just need to find one that I can get in.

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    1. I always have been a member of a credit union and I never had a problem. Only annoying problem with my CU is finding an ATM that won't charge me for fees to withdraw money, until the CU showed me that there is an app that allows me to find an ATM that won't charge me fee for withdrawing money. Maybe you can talk to your CU to see if they have something that will help you find places that won't charge you fees.

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    2. Thanks for that information danica! Will save people a lot of time and money!

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    3. @Kita I haven't had a credit union account, but there a lot in my area to choose from. I'm sure there's one close by that's right for you. Thanks for stopping by!

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  2. We have been the member of a small local CU for almost 20 years. never any problems and I feel very secure with them. Small, we know everyone and their loan rates are great. Our son just purchased his first car. 21, no credit , no money down and his rate is 4%, can't beat that!!

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    1. That's really awesome and super low! I've been thinking of getting a better car, and I know that credit union rates are generally lower! Thanks for the info Dawn!

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  3. This was really useful. Thank you for writing about this; I will definitely keep this in mind!

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  4. Great explanation of credit unions. It's funny - My mom worked at a bank, and my father was raised around banks (my mom actually met my dad that way, as his mother was VP of my mom's bank haha). Yet, I just get so frustrated and baffled by all the different "bank terms" - CDs, 401Ks, etc. Apparently, I have some CDs in a credit union. I definitely understand how the credit unions have much better interest rates. But since I'm so confuzzled by all the bank talk, I just like my happy little checking and savings account at a major bank! lol #HCXO

    ♥emma
    http://www.itsemmaelise.com

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    1. I'm with you on the bank terms! There are so many to know and trying to figure out what is what can be really confusing. I'd just ask your parents about it or use our best friend Google! lol Thanks for stopping by Emma!

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  5. I really need to sit down one day and learn more about banks and everything. If my parents were to die tomorrow, I would be lost. It's terrible! :O

    xo, TCG
    www.ThatCollegeGirlsGuide.com

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    1. I'm still learning myself, so you're not the only one! Thanks for stopping by!

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